TTJ Holdings

[CY09]

Hi artreal. You are right there are more than 2 s1 accredited firms. Will take it down

Ps mod: can you take down the last sentence of the first paragraph. I can't edit it as the post was written too long ago

[CityFarmer]

Hi artreal. You are right there are more than 2 s1 accredited firms. Will take it down

Ps mod: can you take down the last sentence of the first paragraph. I can't edit it as the post was written too long ago

Done.

Regards
Moderator

[ksir]

Hi artreal. You are right there are more than 2 s1 accredited firms. Will take it down

Ps mod: can you take down the last sentence of the first paragraph. I can't edit it as the post was written too long ago

I think they are the only 2 S1 firms listed in Singapore? so you are partly right? lolx.

[CityFarmer]

Hi artreal. You are right there are more than 2 s1 accredited firms. Will take it down

Ps mod: can you take down the last sentence of the first paragraph. I can't edit it as the post was written too long ago

I think they are the only 2 S1 firms listed in Singapore? so you are partly right? lolx.

IIRC, only Yongnam and TTJ. Yongnam is always a reference when analyzing TTJ

(not vested, but monitoring)

[smallcaps]

Yep, its stated in TTJ webpage, prospectus:

https://www.google.com.sg/search?q=S1+gr...ttj.com.sg

We are accredited with the S1 grading, the highest grading by the Singapore Structural Steel Society, and one of only two such companies with design and fabrication facilities in Singapore.

[artreal]

Thanks you Smallcaps. Maybe after qualifying the companies by local design and fab capabilities, only 2 remains.

[CityFarmer]

TTJ announced the FY2014 result. Congrats to shareholders, especially on the dividend payout

Structural steel specialist T T J posts 47% increase in earnings to
$21.8 million in FY2014
 Gross profit margins rises 5.5 points to 27.5%
 Order book at $97 million as at 25 September 2014
 Proposes first and final dividend of 1.4 cents per share for FY2014

Result here
http://infopub.sgx.com/FileOpen/TTJ%20Fu...eID=315985

Presentation here
http://infopub.sgx.com/FileOpen/TTJFY201...eID=315986

(not vested, but monitoring closely)

[brattzz]

waos! surprised at the dividend increase! huat har!

[ksir]

A rather quick review & rough figures (approximately right):
Cash hoard increased to S$58M.
Financial Asset: S$1.8M.
Debt: S$0.7M.

Net Cash & equivalent: S$59M.
Equity: S$118.7M.
NAV: 33.9 cents.
Net Cash per share about 17 cent.
50% of the NAV is in Cash.

Dormitory:
Expiry on Jan 2017.
About 2.5 years to go.
Earning about 40% of PATMI in FY2014= S$8.5M.
Dormitory worth about S$21M (another 6 cents).
Note: PATMI growth should at least negate discount rate in time value.

The concern is the order book:
As at 17 Oct 2012: S$162M.
As at 21 Oct 2013: S$151M.
As at 25 Sep 2014: S$97M.

However, their strategy in bidding for high-yield contracts is intact. That is what differentiating them from Yongnam.
We know in hindsight (at least until now) which strategy provides better results.

<vested>

[smallcaps]

Analysts seems to start taking notice (especially when compared to Yongnam)?

http://www.remisiers.org/cms_images/rese...g_Note.pdf

TTJ Holdings Ltd (Non-rated) – Possible upside price catalyst (Richard Leow)

Price catalyst in a nutshell.
TTJ Holdings Ltd (TTJ) will be announcing their full year FY2014 (FYE Jul) results after market closes today (25 September). Based on
9MFY14 results so far, we think that full year FY14 results could be positive, leading to a possible price upside ex-post results
announcement.

...

As of 3QFY14 balance sheet, almost all debt has been paid up with S$1.15 million debt (Line item: Other Financial Liabilities)
remaining and with cash balance of S$55.16 million. 3QFY14 net cash position represents almost 44% of today's market
capitalisation! Enterprise valuations are therefore very compelling at Trailing Twelve Months P/E ex-cash of 3.4x, while annualised-
9MFY14F P/E ex-cash is 3.3x.

...